S&P 500 Index: Stock Market Drops as Oil Spike, Hot PPI Pressure Fed Outlook
The S&P 500 Index has dropped due to a surge in oil prices and higher-than-expected inflation data, raising concerns ahead of the Federal Reserve's rate decision. The US stock market is under pressure, with the Dow Jones Industrial Average down 401 points and the S&P 500 and Nasdaq declining by 0.5%.
The US stock market is down mid-session due to a spike in oil prices and a stronger-than-expected inflation report. The producer price index (PPI) came in at 0.7% for February, exceeding expectations. Oil prices have jumped, with US crude up 3% to $99 a barrel and Brent surging 5% to $109. The Fed is expected to hold rates in the 3.5% to 3.75% range. The market is waiting for Powell's comments after the decision, which may impact stocks. Energy is the only sector gaining, while industrials and manufacturers are under pressure due to rising input costs.
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